Question 1

The example in the textbook of Lorraine Santoli creating a new dispenser for tissues to be used in her car is not an example of entrepreneurship because it is not something "hot" or remarkable.

Accepted Answer

The statement is false. Entrepreneurship is not defined by something being "hot" or remarkable. It is defined as the process of creating or starting a new business or project, typically involving innovation and risk-taking. Lorraine Santoli's creation of a new dispenser for tissues can be considered an act of entrepreneurship because it involves innovation and the creation of a new product.

Question 2

The process of entrepreneurship involves a chain of events and activities that takes place over a period of time.

Accepted Answer

The process of entrepreneurship involves various stages including ideation, market research, business planning, financing, launching and managing the business over a period of time. Therefore, it is a chain of events and activities that takes place over a period of time.

Question 3

Entrepreneurship is a field of study that seeks to understand how opportunities to create new products or services arise and are discovered by specific persons,who then use various means to exploit or develop them.

Accepted Answer

This is an accurate definition of entrepreneurship.

Question 4

In the United States,small businesses,those with less than 500 employees,make up only about 1% of all employers.

Accepted Answer

Small businesses actually make up about 99.7% of all employers in the United States.

Question 5

A business plan is a detailed description of how a company plans to develop its new venture.

Accepted Answer

A business plan is a written document that outlines the company's goals, strategies, market analysis, financial projections, and operational plans for a new venture. It is a detailed roadmap that helps entrepreneurs and investors assess the feasibility of a business idea and measure its potential success.

Question 6

Of the following,which one is probably NOT and example of an entrepreneur.

Accepted Answer

The scientist may be conducting innovative research, but they do not demonstrate any entrepreneurial behavior or intentions, such as identifying practical uses for their findings or seeking capital to start a business.

Question 7

In the process of developing a theory on entrepreneurship,the theory is eventually either proven or rejected,and the results are accepted as being absolute.

Accepted Answer

The process of developing a theory on entrepreneurship is an ongoing one and it is subject to modification and refinement as new evidence emerges. The theory can never be proven absolutely, only support or refute the hypothesis.

Question 8

The entrepreneurial process begins when one or more persons recognize an opportunity---the potential to create something new that has emerged from a complex pattern of changing conditions.

Accepted Answer

This statement is true. The recognition of opportunity is the first step in the entrepreneurial process.

Question 9

One reason that more people are choosing to be entrepreneurs,rather than entering the workforce through pre-existing companies,is because many people in the younger generation prefer a job allowing them independence and freedom.

Accepted Answer

Many people in the younger generation value independence and freedom, which is often more readily available through entrepreneurship than through traditional employment.

Question 10

Companies like Expedia.com probably could not have been started ten or more years ago because the technological,economic,and social forces were not right to present the opportunity to start such a company.

Accepted Answer

Ten or more years ago, the technology for online booking and reservation systems was not advanced enough to support a company like Expedia.com. Additionally, economic and social conditions were not conducive to the widespread use of online travel booking, making it difficult for such a business to succeed. With the advent of new technology and changing consumer behaviors, the opportunity arose for companies like Expedia.com to emerge as major players in the online travel booking industry.

Question 11

A person who creates something new while working inside an existing company is known as a/an

Accepted Answer

The term for a person who creates something new within an existing company is an intrapreneur. Intrapreneurs are similar to entrepreneurs in that they take on a level of risk and innovate, but they do so within the confines of an established organization rather than starting their own business (which would be a traditional entrepreneur). A, B, and C are not commonly used terms for this concept.

Question 12

The term "Theory" refers to efforts to go beyond merely describing various phenomena to the point at which we can explain them.

Accepted Answer

The definition of the term "Theory" given in the statement is accurate and true.

Question 13

Entrepreneurship refers to the process of bringing something that is not now being produced to the marketplace.

Accepted Answer

This is a correct definition of entrepreneurship. It involves identifying a gap or need in the market and creating a new product or service to fill that gap.

Question 14

The definition of entrepreneurship includes the creation of something new. It does not include the requirement that the new thing makes it to market.

Accepted Answer

The answer of The definition of entrepreneurship includes the creation...

Question 15

Entrepreneurs cause an increase in unemployment,taking away jobs from the working class.

Accepted Answer

Entrepreneurs are job creators as they start new businesses and ventures, which require hiring of more employees. This, in turn, can lead to a decrease in unemployment rates.

Question 16

Entrepreneurship refers to developing a new product or service that is revolutionary,or earth-shaking,rather than developing a less noteworthy product or service.

Accepted Answer

Entrepreneurship involves the creation, organization, and operation of a new business venture, which can range from revolutionary products or services to incremental improvements on existing ones. It does not exclusively pertain to groundbreaking innovations.

Question 17

Experimentation plays a large part in an entrepreneur's success and is used all of the time in the study of entrepreneurship.

Accepted Answer

The answer of Experimentation plays a large part in an...

Question 18

A person is conducting research concerning a certain theory about entrepreneurship. The findings of the research contradict the theory. This proves the theory to be false.

Accepted Answer

A single research finding that contradicts a theory does not prove the theory to be false; it suggests the need for further investigation and may indicate exceptions or conditions under which the theory does not hold.

Question 19

In order to understand entrepreneurship as a process,it is essential to consider which of the following factors?

Accepted Answer

The answer of In order to understand entrepreneurship as a...

Question 20

Recognizing opportunities for creating or developing something new can only occur within existing organizations.

Accepted Answer

Recognizing opportunities for creating or developing something new can occur both within existing organizations and outside of them, such as through entrepreneurship or starting a new venture.

Quiz 1: Entrepreneurship:: A Field, an Activity - and a Way of Life